Image Credit: capitol.tn.gov The Center Square [By Jon Styf] – A bill to repeal and refund Tennessee’s franchise tax has two significant changes in the House. House Bill 1893 requires a list of companies receiving a portion of the $813.5 million refund to be named on the website of Tennessee’s Department of Economic and Community […]
Image: SB2103 Sponsor, Senator Jack Johnson (R-Franklin-Distirct 27) Image Credit: @CSexton25 / X The Center Square [By Jon Styf] – The Tennessee Senate passed a bill that would end a franchise tax on business property in the state along with refunding as much as $1.6 billion to businesses that previously paid the tax. Senate Bill […]
Image Credit: Canva The Center Square [By Jon Styf] – An estimated $1.2 billion franchise tax refund to businesses is scheduled to be voted on for the first time in the Tennessee Legislature next week after the Senate Finance Ways and Means Subcommittee heard details of the proposal. The refund could cost the state up […]
Image Credit: Canva Tennessee Department of Revenue Press Release – It’s almost time to file your 2023 business tax return. Thanks to recent legislation, beginning this year over 100,000 small businesses will no longer be required to file a return and pay this tax. The Tennessee Works Tax Act eliminated the annual business tax filing […]
Could a tax credit system solve the franchise taxes commerce clause debate while limiting the amount of revenue the state loses? Photo: Gov. Bill Lee, front, flanked by House Speaker Cameron Sexton, left, and Lt. Gov. Randy McNally, right. Photo Credit: John Partipilo By Adam Friedman [Tennessee Lookout -CC BY-NC-ND 4.0] – As Tennessee faces a […]
Image Credit: tn.gov/education The Center Square [By Jon Styf] – The state of Tennessee spent 43% of the state sales tax on education last fiscal year and 56 cents of every dollar of state and local sales tax went to education in that same span. Sales tax accounts for most of both state and local […]
Image Credit: Tax Credits by Nick Youngson CC BY-SA 3.0 Pix4free.org The Center Square [By Jon Styf] – Tennesseans claimed more than $288 million in tax credits last fiscal year, according to a new tax credit report from the Department of Revenue. The most credits came from $86.5 million from 71 taxpayers for community investment […]
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